Ah, May in Montana. While many of us celebrated the unofficial start to summer over Memorial Day Weekend, many of Montana's ranchers were celebrating their new arrivals, and with them, the brandings and traditional gatherings that go with them. Whether you're looking to settle down amongst the splendor of the Rocky Mountains or on a ranch with them in the distance, we've got you covered, with the latest issue of The Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana.
"The Unicorns Have Galloped Off"
We saw this quote about the real estate market recently and couldn’t help but chuckle at how accurate it is. “Unicorns in Montana?!” you ask. Not exactly, but let us explain…
By definition, albeit less common, unicorn is something that is greatly desired but difficult or impossible to find. As we know, the pandemic greatly changed our local real estate market. With historically low mortgage rates, home value appreciation levels skyrocketing and waves of first-time and second (or third/fourth)-home buyers entering the
market, paired with our sense of safety and security, wide open spaces and endless recreation, Western Montana made for a perfect location to settle down.
These past few years made for a ‘unicorn’ period. And now that the market has begun to settle, the unicorns have galloped off. If you're still looking to buy or sell property in Western Montana, don't despair. There are still plenty of positives amongst our Quarter Horses, Thoroughbreds and Belgian Drafts roaming the ranches, even if the unicorns are not.
Western Montana Real Estate: Positives in Today's Market
Despite the shifting dynamics, we continue to experience appreciation around Western Montana. Specifically in Flathead County, Average Home Prices have
increased +95% from 2019 to 2023, while prices in Missoula, Ravalli and Lewis & Clark Counties have increased +66%, +70% and +68% respectively.
With more properties on market, buyers now have greater options to find a property that suits their needs and preferences. Gone are the days of panicked,
all-cash, zero contingency offers. Now, buyers have the ability to conduct their due diligence and make informed decisions.
While properties are sitting on the market for longer durations than during the 'unicorn' years, properties continue to sell. So Sellers, don't despair -
if your property is show-ready and priced appropriately, the right Buyer will come along.
Across the country, Buyer demand is still greater than pre 'unicorn' years. According to Showing Time (a national indicator that tracks real estate showings),
showing traffic was up +44% in 2023 compared to 2019.
There will continue to be unsettling (and dramatic) headlines around the housing market this year, but they’re comparing data to the ‘unicorn’ years. Working with an experienced Agent will give you the resources and information to help you keep everything in perspective and make informed decisions based on your goals. Want to know more? Let's chat!
It is an honor to share data, stories and recommendations with you monthly. If there is anything we can add into these monthly emails, please let us know. We are always looking for feedback and ways to better serve our clients. In the meantime, have a great month!
